From January to May 2015 SOCAR extracted 3,462,100 tons of oil, down 1.2% against the same period last year, reads SOCAR’s web site.
In May 2015 SOCAR extracted 706,500 tons of oil.
In 2014 total volume of oil extraction in Azerbaijan reached 41.9 million tons, of which 8,402,500 tons was extracted by SOCAR.
Rakhman Gurbanov, SOCAR Vice President for Production and Transportation, said that in 2015 SOCAR is forecast to extract 8.3 million tons of oil.—0—
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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